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Author Topic: What if someone bought up all the existing bitcoins?  (Read 28090 times)
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March 27, 2012, 05:25:44 PM
 #1

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you
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March 27, 2012, 05:46:56 PM
 #2

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

It is practically impossible to buy up all the Bitcoins that exist. As they are purchased, the price rises exponentially. Imagine how much this mysterious buyer would need to pay for the last Bitcoin still available? Who would sell it, and at what price? If there were only a few coins left, the price would be several millions of dollars, and people would simply use the fractions of a coin in the same way they today use a full coin. Furthermore, if someone attempted to do this, it would not harm anybody, and conversely the amount of resources that would be poured into Bitcoin would be immense! Every one of us who owns any coins at all would be rich, and would have the ability to start and fund new ventures.

I can think of nothing that would accelerate the strength, power, and development of Bitcoin more than "someone trying to buy all the coins."



Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?


The rich typically "get richer" because they earn money by providing things people want. This is also how the poor "get richer." Those crooks who get richer via the coercive power of government intervention or through fraud will not be benefited by a monetary system that removes this coercive power. Wealth is necessarily MORE merit based in a Bitcoin free market than in a fiat centrally-planned and controlled market, because those avenues to achieve wealth through anything other than merit are reduced through Bitcoin. To be sure, a more merit-based system may lead to greater wealth inequality... but so what. Every man has the right to that which he earns.

The "distribution" of Bitcoins is meaningless - it is the manner by which one is able to acquire them which is important. One can acquire dollars through government force. One cannot acquire Bitcoins in that same manner. This is why Bitcoin is fundamentally "fair," no matter who's rich and who's poor, and why fiat currencies like the USD inevitably lead to wealth distribution that is fundamentally "unfair."
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March 27, 2012, 06:01:51 PM
 #3

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.

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March 27, 2012, 06:06:17 PM
 #4

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!
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March 27, 2012, 06:09:18 PM
 #5

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!
If the Dollar is worthless, that would still be nothing though. Sad
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March 27, 2012, 06:29:59 PM
 #6

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!
If the Dollar is worthless, that would still be nothing though. Sad

+1

an infinite amount of zero.
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March 27, 2012, 06:41:29 PM
 #7

What is someone bought all the gold? or oil? or electricity? or corn?

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March 27, 2012, 06:47:46 PM
 #8

He'd be totally screwed because as I sell my 104th to last coin I'll have such vast riches that he'll have to make high level physics breakthroughs and sell me trips to the past or distant galaxies in order to get more.

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Gerald Davis


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March 27, 2012, 06:51:51 PM
 #9

No it isn't.  The point is nobody could buy all the gold or all the corn or all the bitcoins.  They would all be equally stupid attempts.

You can't acquire "all" of any commodity not without forced gobal "sales" using military force and the threat of physical violence/death.  Even if I were to liquidate 99.99% of my bitcoins I would still hang on to a few so the buyer wouldn't get all of them.
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March 27, 2012, 06:52:41 PM
 #10

What is someone bought all the gold? or oil? or electricity? or corn?

That's different. We need gold, oil, electricity (highly correlated to oil, let's call it energy), corn, even gold to some extent (and we want it).

But Bitcoin has no corporal value, it has value because we believe in it and agree on its value (agree not as in fixing prices but set by the market).
One person would be pretty stupid to buy all the BTC, he/she would just be competing against themself, and everyone else would move on to create a new block-chain.



That really not likely since the next block would be worth about infinity * 50 / existing coins. It would be the most solid secure valuable block chain based currency even imaginable.

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March 27, 2012, 06:53:40 PM
 #11

No it isn't.  The point is nobody could buy all the gold or all the corn or all the bitcoins.

Not without forced "sales" using military force.  Even if I were to liquidate 99.99% of my bitcoins I would still hang on to a few so he wouldn't get all of them.

Why 99.99%? He's paying whatever you want. Sell half or 1% for more riches than you can every use.

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March 27, 2012, 07:14:02 PM
 #12

No it isn't.  The point is nobody could buy all the gold or all the corn or all the bitcoins.

Not without forced "sales" using military force.  Even if I were to liquidate 99.99% of my bitcoins I would still hang on to a few so he wouldn't get all of them.

Point taken.
But again, if someone could get their hands on all the BTC, then BTC became useless. But not with corn (and other goods you mentioned); most of the world (certainly the whole US) is corn fed, down to the corn-sirup.



What on earth would you do with all the corn? Spread it around to other people immediately?

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March 27, 2012, 08:59:18 PM
 #13

Someone want to buy all existing bitcoins?

Nice! I am selling some of mine at 20 billions $ each  Wink
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March 28, 2012, 12:00:26 AM
 #14

Someone want to buy all existing bitcoins?

Nice! I am selling some of mine at 20 billions $ each  Wink

Gabi your brief comment actually conveyed the point I was trying to make better than I could have Smiley Nicely stated.
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March 28, 2012, 02:01:55 AM
 #15

All this still fails to account for the coins that have been lost to careless wallet handling, sent into the void, or otherwise put someplace you can't get to them anymore: even if I wanted to, was forced at gunpoint even, I absolutely could not send you the first .00003355 of a coin I earned while mining.  Why?  A typo in the payout address.  They're still out there, somewhere, and until some hacker extraordinaire manages to crack that key they'll remain there.

This hearkens back to the argument from the '80s that "the Japanese are buying America!"  Someone's got to sell it to them!  Personally, I'm not selling mine for a nice long time.

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March 28, 2012, 01:46:54 PM
 #16

What if someone bought up all the existing dollars?

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March 28, 2012, 01:48:38 PM
 #17

What if someone bought up all the existing dollars?

I think the Chinese are trying but they forget how good we are at printing.  One thing no country can do better than the US is print dollars (oh and sell weapons of mass destruction).
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March 28, 2012, 02:02:21 PM
 #18

What if someone bought up all the existing dollars?

I think the Chinese are trying but they forget how good we are at printing.  One thing no country can do better than the US is print dollars (oh and sell weapons of mass destruction).

USD, the first homeopatic currency.
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March 28, 2012, 05:36:22 PM
 #19

What if someone bought up all the existing dollars?

I think the Chinese are trying but they forget how good we are at printing.  One thing no country can do better than the US is print dollars (oh and sell weapons of mass destruction).

USD, the first homeopatic currency.

Certainly not the first, and quite likely not the last either.

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March 28, 2012, 06:12:36 PM
 #20

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.


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March 28, 2012, 06:37:50 PM
 #21

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

Of course.  It is so easy.... er wait no it isn't.

Rising prices will cause people to NEVER (till the heat death of the universe) sell or trade. 

Is that your claim?  Really?  Can't find any flaws in it?
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March 29, 2012, 06:06:37 AM
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Rising prices will cause people to NEVER (till the heat death of the universe) sell or trade.  

Is that your claim?  Really?  Can't find any flaws in it?

Not my claim, but look up the thread, ppl saying they'll sell for billions or $infinity if it gets scarce enough.

The discussion was about some entity buying all the bitcoins, and the counter argument was that this was impossible, cause people wouldn't sell them all, because you can't force anyone to sell. Or that the price would get so high it was not feasible to trade it.
My argument is that at that point, bitcoin is no longer useful as a currency, so the malevolent entity would have reached the goal of stopping bitcoin. So he wouldn't have to actually get all 21 million of them. Just enough to stop the liquidity of it.

(P.S: Even though that's my argument, I don't believe that the value will increase infinitely as it gets more scarce. The supply / demand law doesn't work well at extremes for one. Secondly, the bitcoins are not destroyed. The entity still has them, and can dump them at any time. Would you really buy bitcoins at $1000 (or whatever would be considered a high price at that time) a pop, if you knew some entity, let's say a goverment bent on stopping it, had say 10 million bitcoins in their wallet? That would be extremely risky, thus most people would stop buying (or start selling) and stop the price increase.


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March 29, 2012, 02:03:58 PM
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Rising prices will cause people to NEVER (till the heat death of the universe) sell or trade.  

Is that your claim?  Really?  Can't find any flaws in it?

Not my claim, but look up the thread, ppl saying they'll sell for billions or $infinity if it gets scarce enough.

The discussion was about some entity buying all the bitcoins, and the counter argument was that this was impossible, cause people wouldn't sell them all, because you can't force anyone to sell. Or that the price would get so high it was not feasible to trade it.
My argument is that at that point, bitcoin is no longer useful as a currency, so the malevolent entity would have reached the goal of stopping bitcoin. So he wouldn't have to actually get all 21 million of them. Just enough to stop the liquidity of it.

(P.S: Even though that's my argument, I don't believe that the value will increase infinitely as it gets more scarce. The supply / demand law doesn't work well at extremes for one. Secondly, the bitcoins are not destroyed. The entity still has them, and can dump them at any time. Would you really buy bitcoins at $1000 (or whatever would be considered a high price at that time) a pop, if you knew some entity, let's say a goverment bent on stopping it, had say 10 million bitcoins in their wallet? That would be extremely risky, thus most people would stop buying (or start selling) and stop the price increase.


The discussion is useless. Let whoever make a try at buying "all" bitcoins so that the price will finally rise. I will sell mine at 10$ per coin already. Perhaps a big part at 8 or 6. I need to make up for a lot of costs. Topic postponed until at least 2022 or so.
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March 29, 2012, 03:29:27 PM
 #24

Somehow I like how this discussion gets started over and over again Smiley

Simple answer: If anybody would really achieve to buy all BTCs (which would cost close to all the money in the world as stated above), on average 5 minutes later some miner would have more for him. Most likely AMD would get bought up by the same mysterious guy, every university in the world would give classes on "FPGA and future mining approaches", not only WWF would rally against BTC, the price of electricity and every hardware - new or old - containing any kind of IC would sky rocket, ... crazy world Smiley

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March 29, 2012, 05:16:10 PM
 #25

What is someone bought all the gold? or oil? or electricity? or corn?




They could make a ridiculously huge tortilla chip.  Would we have enough salsa?
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March 29, 2012, 11:01:10 PM
 #26

It can be done, but it would potentially cost tens of billions of dollars for one person to buy up that much coins, as the last few thousand/hundred coins will be insanely expensive.

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March 30, 2012, 11:03:05 AM
 #27

It can be done, but it would potentially cost tens of billions of dollars for one person to buy up that much coins, as the last few thousand/hundred coins will be insanely expensive.

I respectfully disagree. If there's only a few thousand bitcoins left in circulation, and one entity controls the rest, then the community will flee (probably to another blockchain), the infrastructure will shut down (why run nodes if you have no coins), exchanges will close (as trade grinds to a halt).
And in that situation, is there much value left in a bitcoin? Scarcity isn't the only thing that determines price or value. The last dodo wasn't worth "insanely much" when it was killed.


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memvola
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March 30, 2012, 11:40:31 AM
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If there's only a few thousand bitcoins left in circulation, and one entity controls the rest, then the community will flee (probably to another blockchain), the infrastructure will shut down (why run nodes if you have no coins), exchanges will close (as trade grinds to a halt).
And in that situation, is there much value left in a bitcoin? Scarcity isn't the only thing that determines price or value. The last dodo wasn't worth "insanely much" when it was killed.

If we are assuming that the only motivation of this entity is to buy all coins, then your objections don't make much sense to me. If the last dodo was infinitely divisible, and every unit had the same utility as the other, then yeah, we could use that analogy. In other words, a "last Bitcoin" is practically impossible. What if 1 BTC were worth a ton of gold? How would it deter trade? It wouldn't.

On the other hand, if the question is whether such a powerful entity could destroy Bitcoin *now*, then I don't think anyone would object. Bitcoin is only as powerful as the people that support it. Negatively affecting it this may become totally unfeasible in the future though.
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March 30, 2012, 12:40:48 PM
 #29

It can be done, but it would potentially cost tens of billions of dollars for one person to buy up that much coins, as the last few thousand/hundred coins will be insanely expensive.

I respectfully disagree. If there's only a few thousand bitcoins left in circulation, and one entity controls the rest, then the community will flee (probably to another blockchain), the infrastructure will shut down (why run nodes if you have no coins), exchanges will close (as trade grinds to a halt).
And in that situation, is there much value left in a bitcoin? Scarcity isn't the only thing that determines price or value. The last dodo wasn't worth "insanely much" when it was killed.

The entire global economy could run on a handful of Bitcoins.

21M is simply an arbitrary value.  If 20M were lost Bitcoin would work just as well on 1M coins in circulation.  If 20.9M were lost it would also work equally well with 100K coins in circulation.  Conversely if Satoshi had made the block reward 50,000 instead of 50 then Bitcoin would also work equally well with 21B coins in circulation.

Bitcoin is divisible to the 1E-8.  So 100K coins is  10,000,000,000,000 discrete units, but even that is just set by consensus.  Bitcoin could allow smallest divsions if a majority of hashing power agrees.  At sat 1E-12 that makes 100K coins in circulation = monetary base of  100,000,000,000,000,000 discrete units (that's more than the # of pennies in global money supply).



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May 31, 2012, 09:51:02 PM
 #30

I certainly wouldn't flee from the community. I'd sell half of my BTC to the insane buyer, and use .0000001 BTC like I use 1 BTC today. Plus, it's only a simple change in the code to add more decimal places.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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August 30, 2013, 07:09:54 AM
 #31

Interesting that the Mathew Effect is being observed in BTC: https://www.goldsilverbitcoin.com/mathew-1312-bitcoin-style-the-rich-get-richer/

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August 30, 2013, 12:58:29 PM
 #32

Idk whos this guy but he can make us rich

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August 30, 2013, 01:15:16 PM
 #33

OP, it can't happen. I wouldn't sell my bitcoins hence the buyer could not buy all existing bitcoins.  Grin

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August 30, 2013, 01:52:51 PM
 #34

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
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August 30, 2013, 03:13:22 PM
 #35

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

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August 30, 2013, 04:24:00 PM
 #36

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

That's also a good argument for all the "deflation is bad" threads that pop up every month or so.

Use CoinBR to trade bitcoin stocks: CoinBR.com

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August 30, 2013, 05:11:30 PM
 #37

That would be like a few billion USD, am I right?
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August 30, 2013, 06:01:30 PM
 #38

What if someone necroposted the most stupid thread up again and again?

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September 01, 2013, 04:45:19 PM
 #39

What if someone necroposted the most stupid thread up again and again?

This thread was created to provide a place to discuss, what was once considered it seems, a frequently asked question by newbies, as presented in the
New to Bitcoin? Start here! sticky.

I never really considered it a frequent question, let alone one I myself was ever concerned about, but in the interests of completeness I thought I should play the role of a newbie asking the question to provide a place to discuss the topic... 

I created threads for all those questions in that sticky... the moderators didn't even bother adding links to the thread I created which dealt with this question:
"Could miners collude to give themselves money or fundamentally change the nature of Bitcoin?
That is perhaps a topic people new to Bitcoin might be more concerned about than someone buying up all the Bitcoins. 

That New to Bitcoin? Start here! sticky should perhaps be updated again with more relevant questions and information.
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September 01, 2013, 05:47:26 PM
 #40

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.

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September 01, 2013, 05:52:46 PM
 #41

That would be wonderful - I would hold out until the price is up 1000000Xs:)
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September 02, 2013, 06:05:20 PM
 #42

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
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September 02, 2013, 06:48:09 PM
 #43

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

With one prominent exception: Satoshi Nakamoto never spent his 1,000,000Ƀ, most likely cause he knows it's going much higher.

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September 02, 2013, 06:59:38 PM
 #44

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

With one prominent exception: Satoshi Nakamoto never spent his 1,000,000Ƀ, most likely cause he knows it's going much higher.
1. How you know he has 1M bitcoins?
2. Maybe he lost the private key
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September 02, 2013, 08:24:03 PM
 #45

1. How you know he has 1M bitcoins?
2. Maybe he lost the private key

1. 1M coins were mined with the same PC in the beginning and none of these coins moved.
2. "He" didn't. Trust me on that.

My assumption is that "Satoshi" mined and bought many more coins and we will know who it is in less than 5 years from now.

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September 02, 2013, 08:41:27 PM
 #46

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?
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September 02, 2013, 10:26:18 PM
 #47

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?

I guess https://www.bitcoinstore.com/ mentioned this here on the forum and bitmit confirmed it but basically that's quite logical from my own experience. If only I head the money to buy this, this and that … if exchange rate rises, I will spend some coins. In my case it would be about a major investment and not about buying small stuff I don't actually need. I don't see anything bad about a deflationary money stopping people from buying stuff they don't need. Would save the world a whole bunch of problems. Actually I dream of effects like planned obsolescence being an actual argument when buying stuff, as with fiat money, anything but spending it is just stupid no matter if the jeans fall apart before washing them for the first time or if they hold for a lifetime but with honest money people will start to think about buying stuff that doesn't loose its value.

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September 02, 2013, 10:58:16 PM
 #48

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?

I guess https://www.bitcoinstore.com/ mentioned this here on the forum and bitmit confirmed it but basically that's quite logical from my own experience.
Good enough, thanks.
Quote
If only I head the money to buy this, this and that … if exchange rate rises, I will spend some coins. In my case it would be about a major investment and not about buying small stuff I don't actually need. I don't see anything bad about a deflationary money stopping people from buying stuff they don't need. Would save the world a whole bunch of problems. Actually I dream of effects like planned obsolescence being an actual argument when buying stuff, as with fiat money, anything but spending it is just stupid no matter if the jeans fall apart before washing them for the first time or if they hold for a lifetime but with honest money people will start to think about buying stuff that doesn't loose its value.
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September 03, 2013, 08:00:25 AM
 #49

just asking is this possible that someone bougth all bitcoins

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September 03, 2013, 08:51:18 AM
 #50

Then bitcoin be dead.

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September 03, 2013, 06:54:44 PM
 #51

just asking is this possible that someone bougth all bitcoins

No I won't be selling my last Bitcoin.  They can buy all of my coins for $1M each except the last one which isn't available at any price.  So there you go I have proven they can't buy all the coins.

Come on think about it, nobody can force you (or anyone else) to sell, so nobody can forcibly acquire ALL Bitcoins.  They can acquire some and the more they try to acquire the higher they will drive the price.  Even trying to acquire a significant fraction would drive the price extremely high but unless every single Bitcoin "coinholder" is willing to sell every single coin they own then no it is not possible to buy all the Bitcoins.

Try that with any other asset.  
Is it possible for someone to buy all the land on earth?  all the gold? all the apartment buildings?  all the shares of all the companies? Pretty silly to even think about it.
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September 04, 2013, 04:19:44 AM
 #52

Though it is fair to say have a very small # of huge holders of the currency would be detrimental to its longterm viability.
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September 04, 2013, 07:26:59 AM
 #53

where we will buried this dead bitcoin because its not alone many peoples also going with this  Lips sealed

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September 03, 2014, 06:40:03 PM
 #54

The prices will rise indeed but if he decides to sell people won't trust as prices will start downfalling.
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September 04, 2014, 04:40:54 AM
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just asking is this possible that someone bougth all bitcoins

No I won't be selling my last Bitcoin.  They can buy all of my coins for $1M each except the last one which isn't available at any price.  So there you go I have proven they can't buy all the coins.

Come on think about it, nobody can force you (or anyone else) to sell, so nobody can forcibly acquire ALL Bitcoins.  They can acquire some and the more they try to acquire the higher they will drive the price.  Even trying to acquire a significant fraction would drive the price extremely high but unless every single Bitcoin "coinholder" is willing to sell every single coin they own then no it is not possible to buy all the Bitcoins.

Try that with any other asset.  
Is it possible for someone to buy all the land on earth?  all the gold? all the apartment buildings?  all the shares of all the companies? Pretty silly to even think about it.

Even if the government were to somehow coerce owners of bitcoin to sell all of their bitcoin them them, the government would still not own all of the bitcoin. There have been some transactions that have sent outputs to addresses that have no valid private key (this may not be a 100% correct technical way of saying this, but the TL;DR version is that it is that BTC was sent to an address that is impossible to be spent from). 

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RISE
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October 08, 2014, 07:34:01 AM
 #56

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!

Or BTC r just wiped out...n ppl move to other newer Crypto currencies.!! That sounds more likely to me.!

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October 08, 2014, 01:11:33 PM
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Then we will all be living in world of cash and cash alone.
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October 29, 2014, 03:56:38 AM
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does it mean 51-attack will happen if someone buy more than 51% BTC
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October 29, 2014, 05:35:12 AM
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Then we will all be living in world of cash and cash alone.

lol.. Smiley Which we all are doing today.
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October 29, 2014, 05:40:59 AM
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does it mean 51-attack will happen if someone buy more than 51% BTC

No. A 51% attack refers to mining capacity. Owning bitcoins doesn't give you any power or control over Bitcoin (except perhaps the exchange rate).

Buy bitcoins with cash from somebody near you: LocalBitcoins
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November 19, 2014, 05:56:26 AM
 #61

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!
If the Dollar is worthless, that would still be nothing though. Sad

+1

an infinite amount of zero.
Another + from me. Your surely a cognitive thinker Wink
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November 19, 2014, 11:42:47 AM
 #62

just waiting for the day when bitcoins will be $1 million each!!!

and all petrol, dollars, golds, diamonds holder will cry a lot!!!

buy BTC now!!!

ora cry later!!!!

 Grin Grin Grin Grin Grin Grin
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November 19, 2014, 06:27:56 PM
 #63

I don't think anyone except satoshi nakamoto can pull that off. He will be wanting to collect his spread treasure.

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November 19, 2014, 07:05:23 PM
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What is someone bought all the gold? or oil? or electricity? or corn?



Then what would the mexicans eat.... the humanity....  Tongue
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November 19, 2014, 07:57:53 PM
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I don't think anyone except satoshi nakamoto can pull that off. He will be wanting to collect his spread treasure.

naaaaaaaaaaaaaaaaaa!!!!!

sathosi is playing with his model train like a little guy!!!

http://www.newsweek.com/2014/03/14/face-behind-bitcoin-247957.html

no longer thinks to bitcoin!!

 Cheesy Cheesy Cheesy Cheesy Cheesy
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November 19, 2014, 08:14:26 PM
 #66

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

1) I'll let Satoshi answer this one.....

Satoshi Quote
July 9, 2010: "When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more. It’s great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell. The Hunt brothers famously bankrupted themselves trying to corner the silver market in 1979."

"Brothers Nelson Bunker Hunt and Herbert Hunt attempted to corner the world silver markets in the late 1970s and early 1980s, at one stage holding the rights to more than half of the world's deliverable silver.[1] During Hunt's accumulation of the precious metal silver prices rose from $11 an ounce in September 1979 to nearly $50 an ounce in January 1980.[2] Silver prices ultimately collapsed to below $11 an ounce two months later,[2] much of the fall on a single day now known as Silver Thursday, due to changes made to exchange rules regarding the purchase of commodities on margin.[3]" ~SN

2) If you want to understand the economics of Bitcoin, READ THIS(it's all there...just click)
http://nakamotoinstitute.org/shelling-out/
http://web.archive.org/web/20070618142414/http://szabo.best.vwh.net/scarce.html
http://szabo.best.vwh.net/ttps.html
http://unenumerated.blogspot.com/2008/04/bit-gold-markets.html?m=1
http://unenumerated.blogspot.com/2011/05/bitcoin-what-took-ye-so-long.html?m=1
http://unenumerated.blogspot.ca/2008/06/commodity-hysteria-overview.html?m=1

3) The first credit to Bitcoin in the white paper was a citation for Wei Dai’s “bmoney”.
The first paragraph of “bmoney”:
"It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations”. ~Wei Dai

The Internet and Bitcoin were created to allow people to solve social problems in a novel way: Instead of the ancient formula of “the strongest wins and then beats the crap out of the loser” we all can achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.

Listen: meat beat manifesto ~ Edge of no control (pt.1)
Read:"He who controls the past controls the future. He who controls the present controls the past." ~ George Orwell
Think: http://unenumerated.blogspot.com/2014/12/the-dawn-of-trustworthy-computing.html
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November 24, 2014, 08:00:48 PM
 #67

I dont think thats gonna happen as long as me n my pals hold up our bitcoins.!! :p

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November 24, 2014, 08:20:08 PM
 #68

I dont think thats gonna happen as long as me n my pals hold up our bitcoins.!! :p

Then you guys would be very rich if this happens, though I think you sell before that when the price starts to rise astronmically.
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November 25, 2014, 03:10:17 AM
 #69

does it mean 51-attack will happen if someone buy more than 51% BTC

No. A 51% attack refers to mining capacity. Owning bitcoins doesn't give you any power or control over Bitcoin (except perhaps the exchange rate).
A 51% attack would be possible if someone bought up 51% of the bitcoin and we decided to change the mining method to PoS
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January 13, 2015, 07:29:42 AM
 #70


1) I'll let Satoshi answer this one.....

Satoshi Quote
July 9, 2010: "When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more. It’s great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell. The Hunt brothers famously bankrupted themselves trying to corner the silver market in 1979."

"Brothers Nelson Bunker Hunt and Herbert Hunt attempted to corner the world silver markets in the late 1970s and early 1980s, at one stage holding the rights to more than half of the world's deliverable silver.[1] During Hunt's accumulation of the precious metal silver prices rose from $11 an ounce in September 1979 to nearly $50 an ounce in January 1980.[2] Silver prices ultimately collapsed to below $11 an ounce two months later,[2] much of the fall on a single day now known as Silver Thursday, due to changes made to exchange rules regarding the purchase of commodities on margin.[3]" ~SN




To address your point 1) above - it seems to me that a big holder with more bitcoins than the liquidity on the exchanges can keep pushing the price down, and thus keep buying at low prices.  It requires much more money to do this with silver, and more people would care and interfere.


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Bitcoin Biz
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April 07, 2015, 01:51:29 PM
 #71

Hi
I am new to this forum, rather very new to Bitcoin community. A very basic but important issue is on my mind. I can not figure out the incentive for miners after the capped amount of bitcoin are created (21million by the year 2040 say). Would the miners will survive only on transaction ledger commissions only? If so, would it be enough of an incentive for the community to keep bitcoin ecosystem alive after that point? Please help me to sort the issue.
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April 07, 2015, 02:01:24 PM
 #72

does it mean 51-attack will happen if someone buy more than 51% BTC

No. A 51% attack refers to mining capacity. Owning bitcoins doesn't give you any power or control over Bitcoin (except perhaps the exchange rate).
A 51% attack would be possible if someone bought up 51% of the bitcoin and we decided to change the mining method to PoS
Exchanges are already capable of this attack if it shifts to POS. The amount of machines dedicated to Mining is very much. If it were to shift to POS, huge losses will be suffered.
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April 07, 2015, 02:01:57 PM
 #73

(21million by the year 2040 say)

The estimate is near to 2140, actually

Would the miners will survive only on transaction ledger commissions only?

That's the idea, yes.

If so, would it be enough of an incentive for the community to keep bitcoin ecosystem alive after that point? Please help me to sort the issue.

For that to be sustainable, Bitcoin would need to be valued in millions of dollars, and have a user base of several million people as well. That way they can receive satoshis as reward and still be profitable.

We don't know whether we will get there at some point, but that's the way it needs to be for it to work.

An economy based on endless growth is unsustainable.
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February 13, 2016, 09:11:19 PM
 #74

This is a very easy question.

Bitcoin rate is market price, the higher the demand, the higher you can sell. In theory.
But everyone has a limit when it starts to hurt, or isnt senseful to buy.
On the other side, if someone was willing and splendid enough to buy every BTC,
this person would have to make literally everyone rich who currently owns BTC.

After this happened, different to a normal currency like the dollar or euro, it would loose next to all of its value, which was necessary to achieve them.

Furthermore, just and only one person couldnt maintain all the technology.


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February 13, 2016, 09:24:28 PM
 #75

What if someone bought up all the existing dollars?
Dollars can be printed again at will but bitcoin cannot be minted.There's a limit of how much btc can be generated so unlike gold,corn,dollar etc it is not impossible that one person has all of available bitcoin.
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February 13, 2016, 09:41:10 PM
 #76

The bitcoin amount on the world is too much,i think even a most wealthy person is unable to buy all the existing amount .
For that a state or a group of state would have to pay all its money to buy that amount and after that they know well how to make worth of it.
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February 13, 2016, 09:48:05 PM
 #77

The bitcoin amount on the world is too much,i think even a most wealthy person is unable to buy all the existing amount .
For that a state or a group of state would have to pay all its money to buy that amount and after that they know well how to make worth of it, because states have power.

One of the really wealthy billionaires could buy it all but what's the point? To control the bitcoin market? It would crash.

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February 13, 2016, 09:55:21 PM
 #78

You CAN'T buy all bitcoins because :
- most of then is NOT on exchange
- most of then is NOT even connected at the bitcoin network actively (cold storage)

If you try to buy a high amount of bitcoins, you have this scenario :
- buy 500 BTC = 400 USD
- buy 500 BTC = next offer is at 500 USD
- buy 500 BTC = next offer is at 600 USD
- buy 500 BTC = next offer is at 1000 USD
- buy 500 BTC = next offer is at 3000 USD

you can't deal with it ... it's a free market after all.
whales can only wine when they discharge now (crash of the value).

not when they (try to) buy.

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February 13, 2016, 10:58:11 PM
 #79

The bitcoin amount on the world is too much,i think even a most wealthy person is unable to buy all the existing amount .
For that a state or a group of state would have to pay all its money to buy that amount and after that they know well how to make worth of it, because states have power.

It's nonsense to even think about it, there is no possible way anyone would buy every single coin, because there are people who would never sell.
The large parties like states and corporations are more likely to create their own fork of bitcoin, or entirely new coin, then that they would try to buy bitcoin off.

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February 13, 2016, 11:18:00 PM
 #80

Practically it won't take place. If someone buys and holds a huge volume of the bitcoin, it won't affect much in the price of bitcoin. He surely has the ability to move the price of bitcoin by accumulating huge bitcoins, which generates demand with less volume in circulation.

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February 13, 2016, 11:24:11 PM
 #81

Not even summing all companies with the large revenue in the world would have cash to pay for it. Imagine the scenario in bitcoin rising 100% a day, that would be crazy fin world.

If this is happening some day, i would like to have tons of it ande sell for a thousands % of profit! LOL

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July 20, 2016, 02:34:11 PM
 #82

If anyone wants to buy all the bitcoins there must be sellers.so if demand is more sellers will charge so we can earn more in this case
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July 20, 2016, 02:46:58 PM
 #83

just waiting for the day when bitcoins will be $1 million each!!!

and all petrol, dollars, golds, diamonds holder will cry a lot!!!

buy BTC now!!!

ora cry later!!!!

 Grin Grin Grin Grin Grin Grin
why petrol, dollars, golds, diamonds holders should cry when their stuff don't even get affected by bitcoin? bitcoin have nothing to do with those stuff
their wealth value still remain the same even bitcoins reach $1 million price,nothing to be worried for them

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July 20, 2016, 04:24:13 PM
 #84

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you
Some btc are not in this world yet, so nobody at least can buy those. And for what will someone need such an amount of btc? I think it will make the price fall, because nobody will use btc much if they belong to one person

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July 20, 2016, 04:36:17 PM
 #85

if anybody by any miracle could buy all the existing bitcoin then he would be bag holding something that has no value because he has all of it in his possession and since nobody else has any, nobody can use bitcoin anymore and it will lose the value Cheesy

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July 20, 2016, 08:05:34 PM
 #86

...

...

This thread was started years ago. Anything worthwhile to be said has already been said.

Oh sorry! I didn't realize that you are posting spam in order to increase your post count. Carry on!  Angry

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July 20, 2016, 08:09:50 PM
 #87

I would have to say that if someone would buy up all the bitcoin, the value to it would be null.  The reason I would say this is because there is no Bitcoin to be purchased and there is no one willing to take some form of currency that only one person has control over.  If all the bitcoin was bought all the exchanges would have no use to trade it, so it would die at the end.

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July 20, 2016, 08:30:22 PM
 #88

This thread started in 2012 and its been dug back up lol.  Interesting to see what they where talking about back then.  Its obviously fairly obvious now that it would be practically impossible to buy up every coin now.

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July 20, 2016, 08:35:38 PM
 #89

This thread started in 2012 and its been dug back up lol.  Interesting to see what they where talking about back then.  Its obviously fairly obvious now that it would be practically impossible to buy up every coin now.
First I would think that it would also be impossible to buy up all the bitcoin.  There is so much and it would be worth about 14 Trillion dollars.  It is not all mined so that would prevent it and there would always be transaction fees out there that were paid to buy all of the bitcoin. It is interesting reading through all of the back old questions.  I like looking at the ones in which we already see the answers and then look to see who if anyone actually made the correct prediction.  Then you also get to look at all the stupid comments and all. 

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September 20, 2016, 05:49:28 AM
 #90

First of all he think that he is on top of the world but very soon he will feel guilty for buying all bitcoin became when all bitcoin will be bought by a single man then obviously there will be no demand in market and all bitcoin user will move to other cryptocurrencies and final no one will like to use bitcoin. And that old man will weep in grief.
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September 20, 2016, 08:02:54 AM
 #91

If anyone wants to buy all the bitcoins there must be sellers.so if demand is more sellers will charge so we can earn more in this case
yes that is a fact that if the demand is increasing then the price of bitcoin will also increase, but in other side i think a single person cannot buy all the bitcoins as the price of bitcoin is really so high from the range of a single person to buy it.
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September 20, 2016, 08:14:50 AM
 #92

Bitcoin Market Capitalization is around 10 Billion USD today. I think someone with that amount of money wouldn't waste his time on such stupid experiments. But let's assume he'll start buying anyway. The thing is that probably and even most likely the price of Bitcoin would rise so high that 10 Billion USD wouldn't be sufficient to buy even half of Bitcoins existed.

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September 21, 2016, 08:55:36 AM
 #93

If someone buys all of our coins then all of us will have fiat money leaving the buyer with all the Bitcoins. He can either step up his Bitcoin advertisement game and then convince us to buy Bitcoins from him. In that way, he'll earn money and the price of Bitcoin will pump because it would be scarce on the market.

Other things can happen too. Somebody might create a carbon copy of Bitcoins and while we are selling our Bitcoins, he's starting to build up his coin's audience. Making us all migrate to the coin that he just created.

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September 21, 2016, 09:54:33 AM
 #94

It is not possible to purchase all the existing Bitcoins, simply because all of them are not for sale. For example, what about the BTC980,000 which is held in Satoshi's wallets? These coins haven't moved for almost 7 years now, and no one knows whether Satoshi is having the private keys or not. A lot of the early miners were careless with their private keys, and a large number of the coins have been "lost".

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September 21, 2016, 09:56:55 AM
 #95

So that guy hold all bitcoins and bitcoin will be dead because no one wanna buy it. Where will he spend all the bitcoin?
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September 21, 2016, 10:18:52 AM
 #96

If anyone wants to buy all the bitcoins there must be sellers.so if demand is more sellers will charge so we can earn more in this case
I think it is impossible to buy all bitcoin that exist because not all users are selling their bitcoin in exchange. so even though the rich will not be able to buy all bitcoin although he has a lot of money.
and after all, there are millions of existing bitcoin might need about $ 1.2 billion to buy all bitcoin

   
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September 21, 2016, 11:26:42 AM
 #97

But its possible someone purchase all the bitcoins in circulation, with a low cost, some people would dump their coin now as they can convert into fiat and moove on. But the big owners, miners and early adopters may react and make price crash more.


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September 21, 2016, 11:30:52 AM
 #98

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

This is impossible,but if someone buys all the bitcoins in the world and holds them, the bitcoin

price will become zero and he will lose all his billion dollars invested.

All the bitcoin users will move to some altcoin,i guess.



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September 21, 2016, 11:41:49 AM
 #99

I will give up bitcoin and rather deal with other cryptocurrency and that old man well eat his bitcoin and one will be there to buy bitcoin again and final his  property will be his and he will die of the mistake he did.
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August 28, 2017, 12:52:34 PM
 #100

Some flash news from eastern Europe:
Russian oligarchs with president of Russia included , currently buying off the bitcoin!!!!
Hint: look up power outages in Russia and you will understand that is really happening!!!!
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August 28, 2017, 02:32:58 PM
 #101

can you buy all the gold , all the oil , all the mineral of the world ? So you are asking some random guy come out and buy all bitcoins ? moreover , bitcoin is now about 4000$ he must be like have over 90% of money in this world to buy all the bitcoins ! Also if he buy all the bitcoins ? Bitcoins may be loose price and he will be loose ! Noone can buy all bitcoins ! even donald trump said bitcoin is good but he doesn't invest in bitcoins !

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August 28, 2017, 02:38:33 PM
 #102

Funny, how this thread started in 2012 and still got replies. IMO, some day cryptocurrency will do something tremendously bad (less chances - something good) to world economics. And, i think, we will see it with our own eyes Embarrassed

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August 28, 2017, 02:39:36 PM
 #103

One can buy the entire bitcoin if each and every user sell the bitcoin. In reality it's not at all possible for a single user to have the entire bitcoin. Based on the fact it's not required to think about an user holding the entire existing bitcoin and make it go valueless.

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August 28, 2017, 02:40:29 PM
 #104

can you buy all the gold , all the oil , all the mineral of the world ? So you are asking some random guy come out and buy all bitcoins ? moreover , bitcoin is now about 4000$ he must be like have over 90% of money in this world to buy all the bitcoins ! Also if he buy all the bitcoins ? Bitcoins may be loose price and he will be loose ! Noone can buy all bitcoins ! even donald trump said bitcoin is good but he doesn't invest in bitcoins !

This is not possible technically and in practise. One cannot buy all of the existing bitcoins via fiat Money. The price would go up 100x maybe. And other thing is that there is something known as 51% attack. If one has more than 50% of the total bitcoins, then he becomes the ruler.

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August 28, 2017, 02:54:51 PM
 #105

in reality i think no one would dare to buy all the bitcoin available
most certainly people will just look for another kind
what you got would have no value at all
waste of money

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August 28, 2017, 02:59:24 PM
 #106

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you
Your idea is good but it is impossible. As it is now, the price of bitcoin is very high. Owning some bitcoin - you can already become a millionaire. Bitcoin decentralization a lot, I do not think anyone can buy all. Unless the price of bitcoin goes down.

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August 28, 2017, 03:05:25 PM
 #107

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

haha The one who created this thread was a noob in 2012 now he is legendary
em sure he already learnt the answer to his queries back then 
as for me i guess its not possible for one person to accumulate all the existing btc and even one can i think he wouldnt dare.
he would just make the market dead

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August 28, 2017, 10:17:22 PM
 #108

I read new comments , people you underestimate russian oligarchs , they store physical us dollars "assets" in rooms like 2 -4 floor building not in banks, some of them bought from China a lot of heavy bitcoin mining equipment and as i said earlier their hardware consume to much electricity so some Russian east country parts experiencing power outages!
I predict further heavy btc increase, still i am interested to original question what happens with btc if a major bulk of btc will be bought,  all who own now the btc will become a instant millionaire which in my opinion is very good Wink
Is there any regulations in BTC for such case?
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August 28, 2017, 10:47:04 PM
 #109

Although that's not possible but even if for some reasons we imagine something like that to happen then it would be just like a dictator holding all the fiat currency and not letting it circulate in the market and then obviously the money he's holding will have no value or will become just worthless so same thing should happen to the bitcoins too eventually they would also become worthless if there were left none of it with anyone of us but all of them were in just one person's possession, it would become worthless I guess.
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August 29, 2017, 12:39:10 AM
 #110

Though this idea is merely impossible but lets say it did happen, then i think i will find some other ways or industry to invest my money and start from scratch. Or i can invest it to other crypto currencies that are still growing and starting out. Afterall there's unlimited opportunities for you or for anyone here if ever this thing mihht happen especially you already know the trend and the industry.
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August 29, 2017, 02:13:12 AM
 #111

It is just not practical for someone to buy all of the bitcoins because he will need all the little pieces around the world plus the more he buys the more expensive they will become and I don't think he will prefer to loose all his fortune on something that will be rendered useless after his total purchase.



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August 29, 2017, 02:16:10 AM
 #112

Though this idea is merely impossible but lets say it did happen, then i think i will find some other ways or industry to invest my money and start from scratch. Or i can invest it to other crypto currencies that are still growing and starting out. Afterall there's unlimited opportunities for you or for anyone here if ever this thing mihht happen especially you already know the trend and the industry.

Yersd it is impossible and it is not healthy too. The bitcoin must be distributed as many peoplae sa it can so that it has a healthy virtual economy. If it is controlled by only one person, then he only is using it and its boring and it defeated its purpose Smiley

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August 30, 2017, 08:53:17 AM
 #113

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

Decent point.  Really appreciate you bring this to our attention. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk.  I found this great website: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights.  Check for example:  https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Analysis.
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August 30, 2017, 09:03:30 AM
 #114

The question is: Why would somebody WANT to buy them all? I don't see the point?

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August 30, 2017, 09:13:01 AM
 #115

Some flash news from eastern Europe:
Russian oligarchs with president of Russia included , currently buying off the bitcoin!!!!
Hint: look up power outages in Russia and you will understand that is really happening!!!!

Yeah power outages means Russia has a plan to acquire all the bitcoins. By mining them....
The current reward is 12.5 btc per block or 500k$ per hour or 12 million$ per day.

Taking into account that there are at least 10 known Russian oligarch with a fortune of over 10 billions or 3 years of mining, I really doubt this is their plan.
They could acquire those coins far more cheaper and without headaches directly from the market.

The outages are a result of poor management , no investment no maintenance.
Even Putin was angry when the last one hit even the government and the some of structures run by the goverment.

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August 30, 2017, 09:19:55 AM
 #116

Maybe in 2012 there are people who are able to buy all the existing bitcoin. but for now (in 2017) I think it's a very expensive thing. even though it's bill gates. now the price per 1 bitcoin is about $ 4588.77 and even then it can go up again. so I guess for now it will not be possible.


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August 30, 2017, 09:46:57 AM
 #117

if someone have all bitcoin, just for what??
many possibility about it, like he will sell with high or low price. or people will not interest with bitcoin again, people will earn altcoin. but, no one will buy it.

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August 30, 2017, 02:37:56 PM
 #118

If someone will buy all the existing or the bitcoins that are left in the markets then the price will go very high and all of us will become happy because of the rise on the price and i think most of us will sell our bitcoin and that person who bought all the existing bitcoin will have a power to control the market using the supply of bitcoin and that will give him a chance to make bitcoin more profitable for him.

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August 30, 2017, 02:46:51 PM
 #119

Well, in that case the price would skyrocket, at least according to market laws

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September 04, 2017, 02:46:06 PM
 #120

if anyone buys an existing bitcoin it is he who is the owner and the largest shareholder of bitcoin

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September 04, 2017, 02:52:07 PM
 #121

I can't imagine a person who can buy every coin in the blockchain. Bitcoin price will rise exponentially to reach unbelievable rates.
I can't even imagine the price of last bitcoin (If everybody want to sell to this buyer).

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September 04, 2017, 03:04:42 PM
 #122

I dont think that will happen because thinking about it, I don't think that bitcoin is already on its peak. There are still a lot of bitcoins to be mined meaning a whole lot of bitcoins to be added to the market and that means higher chance for the bitcoin price to increase. Also, lot of people are holding their bitcoins waiting for it to reach a price that would really make them very rich and I don't see them selling their bitcoins unless offered with a very very very handsome price.

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September 06, 2017, 11:54:09 AM
 #123

I dont think that will happen because thinking about it, I don't think that bitcoin is already on its peak. There are still a lot of bitcoins to be mined meaning a whole lot of bitcoins to be added to the market and that means higher chance for the bitcoin price to increase. Also, lot of people are holding their bitcoins waiting for it to reach a price that would really make them very rich and I don't see them selling their bitcoins unless offered with a very very very handsome price.
I also agree with you that it will never happen, because the price of one bitcoin is very high and I also don’t think that one person have the investment to buy all the bitcoin as it is in a very large number. And the other thing is that if someone bought all the existing bitcoin, he will also offer if for sale, and if he do not, then there the controller of bitcoin must create more bitcoin to continue the business.
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September 06, 2017, 12:43:37 PM
 #124

I think that this is simply impossible, even if 100 years pass. People will periodically sell bitcoins anyway because they will need money to buy something or they may lose them in the trade.

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September 30, 2017, 09:13:40 AM
 #125

Its not possible to buy all the existing bitcoins,because as you start buying it its amount incrases exponentially,im not talking about 2-3 btcoins,im talking about buying in bulk.
you cant even imagine what would be the price of the last bitcoin,it would be upto the seller as he can ask any unimaginable amount for it.

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October 02, 2017, 03:32:41 PM
 #126

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

In general, this is one of the main problems)

But I heard about the project, which will allow to change bitcoin to national currencies and at the same time to "destroy" coins. Perhaps this will solve the problem. But I can not find a link to the project. When I find it, I'll throw it off.
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October 10, 2017, 07:36:51 PM
 #127

Very ineteresnaya topic for reflection. Especially considering that out of 21 million possible, only 12 million were mined, and this is for 8 years of existence of bitcoin. So buying all existing bitcoins will not happen soon, as with each new buyer its price grows, and buy more of its number is more difficult and more difficult due to the price increase.

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October 10, 2017, 07:44:11 PM
 #128

Despite the fact that it is old thread, I was looking for something similar or was going to create one myself. But now I'll post my opinion here: I think that won't happen and there are some reasons: 1. Some bitcoins are lost and are loosing (because of someone's bad memory). 2. There are some types of people here who only hold and don't sell bitcoin, they don't look it like money and I know similar persons. 3. When exchanger or someone sees that one man buys all bitcoins, this exchanger will unbelievable grow price and it will be difficult and possibly impossible to buy all of them.

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